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Outsourcing and data loss

A large fine (£2.275m) was imposed on Zurich Insurance Plc for systems and controls failings following the loss of customers’ confidential information. Although, at first sight, the problems of a […] [...]

More transaction action

Since the Commerzbank AG fine imposed by the FSA in April (see Regulatory Roundup #13), things had been quiet on the (failure to) transaction report front. However behind the scenes […] [...]

Read all about it

The FSA previously maintained a Document Viewing Facility (DVF) in the reception of the FSA building at 25 North Colonnade, Canary Wharf. This provided access to documents made public by […] [...]

Short selling update

In Regulatory Roundup #17 we advised that the new sourcebook FINMAR would contain the largely unchanged short selling disclosure requirements from MAR, save for the rights issue disclosure requirements being […] [...]

More on the remuneration code

The proposed changes to the Remuneration Code (basically the current SYSC 19 will be deleted and replaced by new text) was covered in Regulatory Roundup #18 & #19. Not surprisingly, […] [...]

Notification obligations

Firms will be aware of the publicity arising from the fine imposed by the FSA on Goldman Sachs International (GSI). The fine (£17.5m) is the second largest fine imposed in […] [...]

Dodd-Frank revisited

Following on from Regulatory Roundup #17 we have had requests for further details on the regulatory developments within the US. As you will know, the ‘Dodd Bill’ was enacted on […] [...]

Remuneration Code (again)

Following Regulatory Roundup #18 – ‘Remuneration Code Special’ – we would like to take this opportunity to remind firms that a proportionality approach can be adopted and our article advised […] [...]

Strengthening Capital

Regulatory Roundup #6 contained an article on CP09/29 – ‘Strengthening Capital Standards 3’, which contained proposals for implementing changes to the Capital Requirements Directive (‘CRD’). Of interest to the majority […] [...]

Unregulated Collective Investment Schemes

Regulatory Roundup #3 advised that the FSA was looking at the promotion of unregulated collective investment schemes (‘UCIS’). The Regulator has now published its findings alongside a separate document on […] [...]

Fuzzy matching and financial sanctions

The big fine imposed on Royal Bank of Scotland (£5.6m) by the FSA for breaches of Money Laundering Regulations 2007 hit the headlines earlier this week. Apart from issues with […] [...]

Remuneration Code Special

As you’ll know from Regulatory Roundup #17 the FSA are reviewing SYSC 19 (‘Remuneration Code’) in the light of amendments to the Capital Requirements Directive (‘CRD3’) which comes into force […] [...]

Quarterly Consultation Paper

The FSA has published Quarterly Consultation Paper CP10/15 (‘QCP’) which contains proposed changes to various parts of the Handbook. It is not the best composed paper as not only does […] [...]

Changes to SUP 16

The FSA have proposed four small changes to data item FSA003, improving the data reported by firms to the FSA. The amendments are relevant to all firms subject to the […] [...]

A technical correction to CF29 applicability

Following the FSA’s recent review of the Handbook they propose correcting a technical error in SUP 10.9.1R that sets out the types of firm where the significant management function (CF29) […] [...]

BIPRU 12 – Liquidity Standards

As you will know, BIPRU 12.1 – 12.4 (and 12.8 where relevant) applies to all BIPRU firms, whilst the remaining BIPRU 12 chapters only apply to ILAS BIPRU firms (limited […] [...]

Managing investments and the Stewardship Code

There is a proposal to amend COBS 2.2 (‘Information disclosure before providing services’) for a firm, when it is managing investments for a professional client (that is not a natural […] [...]

CASS

The FSA has proposed changes to CASS 6 & 7, ‘Custody Rules’ and ‘Client Money Rules’ respectively. The FSA believe that the only types of firm that these changes will […] [...]

Unofficial guidance on the Bribery Act

Following on from Regulatory Roundup #13 which covered the Bribery Act, the Government has recently released a press statement about the delay in the publication of guidance on the Bribery […] [...]

Father and Son

Father and son Jeffery and Jeremy Burley have been handed out financial penalties by the FSA for market abuse. Whilst people tend to co-operate with the FSA during an investigation […] [...]

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